After 2 Consecutive Quarters of Negative Economic Growth, Is America in a Recession?
Economic reality cannot be denied—but can it be redefined?
That's what the Biden administration is about to find out, following the release on Thursday morning of a report from the Bureau of Economic Analysis (BEA) showing that the United States has endured back-to-back quarters of negative economic growth—a situation that meets the standard definition of a recession.
According to the BEA's assessment, the country's economic growth slipped to an annualized rate of -0.9 percent in the second quarter of the year (which ended on June 30). That comes on the heels of...